The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Anets®, APW Wyott®, Bakers Pride®, Beech®, BKI®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, Crown®, CTX®, Desmon®, Deutsche Beverage®, Doyon®, Eswood®, EVO®, Firex®, Follett®, frifri®, Giga®, Globe®, Goldstein®, Holman®, Houno®, IMC®, Induc®, Ink Kegs®, Inline Filling Systems®, Jade®, JoeTap®, Josper®, L2F®, Lang®, Lincat®, MagiKitch'n®, Market Forge®, Marsal®, Meheen®, Middleby Marshall®, MPC®, Nieco®, Nu-Vu®, PerfectFry®, Pitco®, QualServ®, RAM®, Southbend®, Ss Brewtech®, Star®, Starline®, Sveba Dahlen®, Synesso®, Tank®, Taylor®, Thor®, Toastmaster®, TurboChef®, Ultrafryer®, Varimixer®, Wells® Wild Goose® and Wunder-Bar®.

Company profile
Ticker
MIDD
Exchange
Website
CEO
Timothy Fitzgerald
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
A&J Manufacturing, LLC • AGA Rangemaster Group Ltd • AGA Rangemaster Ltd • AGA Rangemaster Properties Ltd • AGA Rayburn Ltd • Alkar Holdings, Inc. • Alkar-RapidPak, Inc. • American Permanent Ware Company, LLC • Anetsberger, LLC • ARG Corporate Services Ltd ...
IRS number
363352497
MIDD stock data
Press releases
The Middleby Corporation Reports Second Quarter Results
4 Aug 22
Middleby Acquires Colussi Ermes, Enhances Automation and Food Safety Solutions
27 Jul 22
Middleby Acquires Icetro, Expands Growing Beverage Business
30 Jun 22
Middleby Acquires Proxaut, Innovator of Industry-Leading Automation Solutions
29 Jun 22
Analyst ratings and price targets
Current price
Average target
$163.33
Low target
$135.00
High target
$180.00
Keybanc
Maintains
$175.00
JP Morgan
Maintains
$135.00
Citigroup
Maintains
$180.00
Calendar
11 Aug 22
12 Aug 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Jan 22 | Jan 21 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 166.59M | 166.59M | 166.59M | 166.59M | 166.59M | 166.59M |
Cash burn (monthly) | (no burn) | 19.08M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | n/a | 25.69M | n/a | n/a | n/a | n/a |
Cash remaining | n/a | 140.9M | n/a | n/a | n/a | n/a |
Runway (months of cash) | n/a | 7.4 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
10 Aug 22 | Chapin Sarah Palisi | Common Stock | Sell | Dispose S | No | No | 148.53 | 250 | 37.13K | 7,460 |
16 Jul 22 | Bryan E. Mittelman | Common Stock | Payment of exercise | Dispose F | No | No | 127.51 | 555 | 70.77K | 22,027 |
24 May 22 | Nassem Ziyad | Common Stock | Buy | Acquire P | No | No | 135.83 | 2,035 | 276.41K | 10,845 |
15 May 22 | Bryan E. Mittelman | Common Stock | Grant | Acquire A | No | No | 0 | 3,817 | 0 | 22,582 |
15 May 22 | Timothy John Fitzgerald | Common Stock | Grant | Acquire A | No | No | 0 | 14,671 | 0 | 258,334 |
Institutional ownership, Q1 2022
13F holders | Current |
---|---|
Total holders | 374 |
Opened positions | 54 |
Closed positions | 50 |
Increased positions | 111 |
Reduced positions | 131 |
13F shares | Current |
---|---|
Total value | 9.35B |
Total shares | 57.89M |
Total puts | 103.7K |
Total calls | 152.36K |
Total put/call ratio | 0.7 |
Largest owners | Shares | Value |
---|---|---|
Vanguard | 5.05M | $827.09M |
BLK Blackrock | 4.5M | $737.23M |
Goldman Sachs & Co | 4.03M | $519.46M |
Wellington Management | 3.94M | $646.08M |
EdgePoint Investment | 2.3M | $377.84M |
Victory Capital Management | 2.14M | $350.4M |
BAM Brookfield Asset Management | 2.06M | $338.36M |
GS Goldman Sachs | 1.83M | $299.36M |
TROW T. Rowe Price | 1.51M | $246.84M |
STT State Street | 1.44M | $236.51M |
Financial report summary
?Competition
Dover • Illinois Tool Works • PANASONIC • Whirlpool • Star • John Bean Technologies • Welbilt • WeberRisks
- Current and future economic conditions could adversely affect the company’s business and financial performance.
- Uncertainty surrounding the terms of the United Kingdom’s withdrawal from the European Union may have a negative effect on global economic conditions, financial markets or the Company’s business.
- The company is subject to currency fluctuations and other risks from its operations outside the United States.
- The COVID-19 pandemic has adversely impacted, and likely will continue to, adversely impact and pose risks to the company, the nature and extent of which are highly uncertain and unpredictable.
- The company’s level of indebtedness could adversely affect its business, results of operations and growth strategy.
- The company’s current credit agreement limits its ability to conduct business, which could negatively affect the company’s ability to finance future capital needs and engage in other business activities.
- Fluctuations in interest rates could adversely affect the company's results of operations and financial position.
- The company has a significant amount of goodwill and indefinite life intangibles could suffer losses due to asset impairment charges.
- The company's defined benefit pension plans are subject to financial market risks that could adversely affect the company's results of operations and cash flows.
- The company faces intense competition in the commercial foodservice, food processing, and residential kitchen equipment industries and failure to successfully compete could impact the company’s results of operations and cash flows.
- The company is subject to risks associated with developing products and technologies, which could delay product introductions and result in significant expenditures.
- The company depends on key customers for a material portion of its revenues. As a result, changes in the purchasing patterns or loss of one or more key customers could adversely impact the company’s operating results.
- Price increases in some materials and disruptions in supply could affect the company’s profitability.
- The company faces risks related to health epidemics and other widespread outbreaks of contagious disease, which could significantly disrupt its operations and impact its operating results.
- The company may be the subject of product liability claims or product recalls, and it may be unable to obtain or maintain insurance adequate to cover potential liabilities.
- An increase in warranty expenses could adversely affect the company’s financial performance.
- The company’s financial performance is subject to significant fluctuations.
- The company may be unable to manage its growth.
- The company’s acquisition, investment and alliance strategy involves risks. If the company is unable to effectively manage these risks, its business will be materially harmed.
- An inability to identify or complete future acquisitions could adversely affect future growth.
- Expansion of the company’s international operations involves special challenges that it may not be able to meet. The company’s failure to meet these challenges could adversely affect its business, financial condition and operating results.
- The impact of future transactions on the company’s common stock is uncertain.
- The company’s business could suffer in the event of a work stoppage by its unionized labor force.
- The company depends significantly on its key personnel.
- The company may not be able to adequately protect its intellectual property rights, which may materially harm its business.
- Any infringement by the company of a third party's patent rights could result in litigation and adversely affect its ability to provide, or could increase the cost of providing, the company’s products and services.
- The company may be subject to information technology system failures, network disruptions, cybersecurity attacks and breaches in data security, which may materially adversely affect the company’s operations, financial condition and operating results.
- The company may be subject to litigation, tax, and other legal compliance risks.
- The company’s reputation, ability to do business, and results of operations may be impaired by the improper conduct of any of its employees, agents, or business partners.
- The company is subject to potential liability under environmental laws.
- Unfavorable tax law changes and tax authority rulings may adversely affect financial results.
- The trading price of the company's common stock has been volatile, and investors in the company's common stock may experience substantial losses.
Management Discussion
- NET SALES. Net sales in fiscal 2020 decreased by $446.1 million, or 15.1%, to $2,513.3 million as compared to $2,959.4 million in fiscal 2019. Net sales increased by $72.3 million, or 2.4%, from the fiscal 2019 acquisitions of Cooking Solutions Group, Powerhouse, Ss Brewtech, Pacproinc, Brava, and Synesso and the fiscal 2020 acquisitions of RAM, Deutsche, Wild Goose, and United Foodservice Equipment Zhuhai. Excluding acquisitions, net sales decreased $518.4 million, or 17.5%, from the prior year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for fiscal 2020 increased net sales by approximately $0.2 million. Excluding the impact of foreign exchange and acquisitions, sales decreased 17.5% for the year, including a net sales decrease of 26.5% at the Commercial Foodservice Equipment Group, a net sales increase of 5.9% at the Food Processing Equipment Group and a net sales decrease of 2.9% at the Residential Kitchen Equipment Group.
Content analysis
?Positive | ||
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Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Avg
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New words:
accurate, American, Appleton, Audit, cadence, care, Colussi, Committee, confidential, confidentiality, CP, cyber, cybersecurity, detect, drawn, effort, exceed, flat, formal, frequently, implemented, incident, Latin, met, overseen, Oversight, personal, preserve, respond, robust, store, training, vacuum, washing, yearly
Removed:
April
Financial reports
Current reports
8-K
Results of Operations and Financial Condition
4 Aug 22
8-K
Submission of Matters to a Vote of Security Holders
19 May 22
8-K
Results of Operations and Financial Condition
10 May 22
8-K
Departure of Directors or Certain Officers
11 Mar 22
8-K
Results of Operations and Financial Condition
22 Feb 22
8-K
Results of Operations and Financial Condition
9 Nov 21
8-K
Entry into a Material Definitive Agreement
22 Oct 21
8-K
Results of Operations and Financial Condition
12 Aug 21
8-K
Termination of a Material Definitive Agreement
14 Jul 21
8-K
Middleby Will Not Increase Offer to Acquire Welbilt
13 Jul 21
Registration and prospectus
S-8
Registration of securities for employees
25 Aug 21
RW
Registration withdrawal request
14 Jul 21
425
Business combination disclosure
13 Jul 21
425
Business combination disclosure
6 Jul 21
424B3
Prospectus supplement
21 Jun 21
S-4/A
Registration of securities issued in business combination transactions (amended)
8 Jun 21
425
Business combination disclosure
28 May 21
S-4
Registration of securities issued in business combination transactions
28 May 21
425
Business combination disclosure
26 Apr 21
425
Business combination disclosure
21 Apr 21
Proxies
DEFA14A
Additional proxy soliciting materials
31 Mar 22
DEFA14A
Additional proxy soliciting materials
31 Mar 21
DEFA14A
Additional proxy soliciting materials
27 Apr 20
PX14A6G
Letter to shareholders
23 Apr 19
DEFA14A
Additional proxy soliciting materials
18 Apr 19
DEF 14A
Definitive proxy
18 Apr 19
PX14A6G
Letter to shareholders
9 Apr 18
Other
SD
Conflict minerals disclosure
27 May 22
EFFECT
Notice of effectiveness
14 Jun 21
CORRESP
Correspondence with SEC
8 Jun 21
UPLOAD
Letter from SEC
31 May 21
SD
Conflict minerals disclosure
27 May 21
SD
Conflict minerals disclosure
29 May 20
SD
Conflict minerals disclosure
31 May 19
UPLOAD
Letter from SEC
12 Jun 18
SD
Conflict minerals disclosure
31 May 18
CORRESP
Correspondence with SEC
22 May 18
Ownership
4
MIDDLEBY / Chapin Sarah Palisi ownership change
11 Aug 22
4
MIDDLEBY / Bryan E. Mittelman ownership change
18 Jul 22
4
MIDDLEBY / Nassem Ziyad ownership change
25 May 22
4
MIDDLEBY / Steve Spittle ownership change
17 May 22
4
MIDDLEBY / III James K Pool ownership change
17 May 22
4
MIDDLEBY / MARTIN M LINDSAY ownership change
17 May 22
4
MIDDLEBY / Bryan E. Mittelman ownership change
17 May 22
4
MIDDLEBY / TIMOTHY JOHN FITZGERALD ownership change
17 May 22
4
MIDDLEBY / TIMOTHY JOHN FITZGERALD ownership change
16 May 22
4
MIDDLEBY / Robert A Nerbonne ownership change
16 May 22
Patents
Design
Display screen or portion thereof with graphical user interface
9 Aug 22
Inventors: Andrey Baygulov, Rory Starks, Jean Nguyen
Utility
Ovens with metallic belts and microwave launch box assemblies for processing food products
9 Aug 22
In certain examples, a food processing machine for processing a food product includes a housing defining a cavity, a conveyor with a belt comprising metal for conveying the food product through the cavity in a longitudinal direction, and a convection heating system for heating air in the cavity such that heated air heats the food product as the food product is conveyed through the cavity.
Utility
Feeding of Food Products In Slicing or Portioning Machines
4 Aug 22
A food processing machine (10) and a method of cutting slices or portions from a food product (60, 70, 72, 74) in a food processing machine are described.
Utility
Fitting for Extrusion of Frozen Food Product
21 Jul 22
A fitting for extruding a frozen food product is provided.
Utility
Door and Baffle Interface Assembly for Frozen Dessert Machines
14 Jul 22
An interface assembly for a frozen dessert machine is disclosed that includes a freezer door having opposed front and rear sides and including at least one recessed mounting pocket formed in the rear side thereof, the at least one recessed mounting pocket including a cornice covering an upper portion thereof, and at least one elongated baffle having opposed proximal and distal end portions, the proximal end portion of the at least one baffle including a retention flange that is dimensioned and configured for detachable reception within the at least one mounting pocket of the freezer door behind the cornice.
Transcripts
2022 Q2
Earnings call transcript
7 Aug 22
2022 Q1
Earnings call transcript
11 May 22
2021 Q4
Earnings call transcript
22 Feb 22
2021 Q3
Earnings call transcript
9 Nov 21
2021 Q2
Earnings call transcript
12 Aug 21
2021 Q1
Earnings call transcript
8 May 21
2020 Q4
Earnings call transcript
1 Mar 21
2020 Q3
Earnings call transcript
5 Nov 20
2020 Q2
Earnings call transcript
5 Aug 20
2020 Q1
Earnings call transcript
7 May 20
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